OPEC's oil output remained high in November for the seventh consecutive month, running at 29.40 million barrels per day (bpd), the Middle East Economic Survey (MEES) reported Monday.
It said a 260,000 bpd fall in Iraqi output was compensated by other OPEC producers, notably Saudi Arabia which pumped an extra 100,000 bpd to reach a level of 8.90 million bpd, or 230,000 bpd over its current quota.
Venezuela's production rose to 3.1 million bpd, an increase of 50,000 bpd, said the Nicosia-based industry newsletter, which put the 11-member OPEC's production for October at 29.41 million bpd.
Last month's production by OPEC members excluding sanctions-hit Iraq, which is exempted from the quota system, was in line with the cartel's quota of 26.70 million bpd that came into effect on November 1.—AFP.
©--Agence France Presse.
© 2000 Mena Report (www.menareport.com)